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Where can you get a private student loan that is not based on tuition?
Tprow
there are a couple of credit based companies that will give a private student loan to creditworthy student and a co-borrower such as a parent if necessary. You can use the loan for tuition, books, transportation, housing, and any other related expenses that you'd have as a student.
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∙ 15y ago
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where can I get private student load and how can it help me?
A federal student loan is most likely only going to be used on your tuition expenses. This is due to the fact that some federal student loans, like the Stafford or Perkins student loan might only help you pay some of your tuition, in other words it wont cover the full cost of your tuition. In this case it obviously cant help you pay for outside expenses because it does not even cover the cost of your tuition. Private student loans can be much more flexible. A private student loan can be made to cover the entire cost of your tuition as well as cover outside expenses.
where can I get a private student loan?
Private student loans are credit-based, non-federal student loans that can help you cover any school expenses you have remaining when scholarships, grants, and federal student loans arenat enough.
What are the qualifications for a private student loan?
A private student loan is like any other private loan. Each private lender will determine what qualifications they require the student to meet before they will lend out their money. Some lenders will want some form of collateral and others will base their decision solely on the student's ability to repay the loan.
What is a creditworthy cosigner for a private student loan?
a secured loan
Who can apply for a private student loan?
Any person can apply for a private student loan at any time during the school year. Request for private student loans can be found and filled out online.
How can I find out more about private student loan consolidation?
When you are receiving a private student loan, it cannot be consolidated with federal student loans so you would need to take that into consideration. Here is a website to find out more about private student loan consolidation. http://www.finaid.org/loans/privateconsolidation.phtml
Applying for National Education Loans?
As the cost of tuition continues to increase, many families and students are taking out student loans to pay for education expenses. Federal student loans are available to undergraduate and graduate students. A student applies for a federally guaranteed student loan when completing the FAFSA. The student's school informs the student of the amount of financial aid awarded from the federal government. The loan amount is automatically applied to a student's account. Student loans must be repaid.Direct LoansThe federal government offers eligible students the opportunity to receive subsidized and unsubsidized loans under the Stafford Loan Program. Students who take out subsidized loans do not have the interest accrue until the student is no longer in school, and after the deferment period ends. The interest on an unsubsidized loan accrues while the student is in school. The amount of money a student can receive as a subsidized or unsubsidized loan depends on the student's classification and financial need.Perkins LoansSome students who cannot meet all of their financial obligations after receiving subsidized and unsubsidized loans may qualify for a Perkins loan. Students must be financially needy to qualify for a Perkins loan. The interest on a Perkins loan is low. In contrast to the Stafford Loan, the student's school functions as the lender for the Perkins loan. The amount of the loan is typically divided into two parts and applied to a student's account in the fall and spring semesters.Private LoansIndividuals who do not qualify for a federal loan can apply for a private loan with a national lender. Private loans can also help an individual bridge the gap between the cost of tuition and the amount of money received in federal financial aid. The amount of interest charged for private student loans is typically higher than the interest for taking out a federal student loan. Approval for a private loan is typically credit-based. Many lenders require students to apply using a co-signer with good credit to be approved for a private student loan.
Where could someone go to look for private student loan consolidations?
To look for private student loan consolidations, on can go to the Student Aid website. The website has information about student loans, including how and where to consolidate them.
Can the borrower of a private student loan change the cosigner during the term of a loan or must she refinance to do that?
AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.
What is a Private Student Loan?
A private student loan is an unsecured loan that is designed to pay for a students college-related expenses. Many students apply for private student loans once they have utilized all their federal financial aid funds. Read on to learn more about private student loans and to find out if this option is for you.How Do I Begin the Application Process?First of all, you must meet with your financial aid counselor to confirm your cost of attendance (COA) for that academic school year. Your COA typically includes college-related expenses, such as tuition and fees, room and board, books and supplies. Once you confirm your cost of attendance (COA), you will know the loan amount that you can request on your application. Please keep in mind that your counselor will subtract any federal financial aid that you have been awarded from your COA (federal grants and loans, scholarships, and work-study funds). So, if you qualify for a private student loan, you may only receive funds up to your COA for that school year.What are the Requirements for a Private Student Loan?Private student loans are credit-based loans, so you will need to have good credit in order to qualify for this type of loan product. However, most lenders realize that many college students do not possess a sufficient credit score and/or have not established an adequate amount of credit in their name. Therefore, nearly all private student loan lenders will allow students to apply for a private loan with a co-signer. Although all lenders have their own specific guidelines for private student loans, the co-signer must have an appropriate credit history, with an acceptable credit score, stable work history and references. Also, in order to qualify for a private student loan, a student must be a U.S. citizen or permanent resident and be currently enrolled at a lender-eligible school.Where Can I Apply for a Private Student Loan?Many financial institutions offer private student loan products. So, speak with a loan specialist at your bank or credit union to inquire about private student loans. In addition, you may also apply for a private student loan by visiting the following websites: SallieMae.com, NextStudent.com, FinAid.org, and PrivateStudentLoans.com.
Can you apply for a student loan even if your tuition is completely covered by financial aid?
yes you can.
Where can one receive a student loan?
One can receive a student loan from a local bank, government, organizations and companies. Some of the useful websites with information about student loans are Excite, Student Aid and Simple Tuition.
